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Atlantic Insurance

Background

Atlantic Insurance Co. Ltd enjoys a solid reputation among the individual as well as professional insurers, both in Cyprus and abroad, as one of the most respected, successful and fastest growing insurance companies of Cyprus.

Established in 1983 by a small group of ambitious and experienced insurers, directed by highly qualified and competent professionals, the company is a pioneer in the field of general insurance. Based on a profound knowledge of the Cypriot market and guided by a forward looking policy, the company gained a prominent position in its field by introducing the right product at the right time. As a result, Atlantic has experienced a spectacular growth in both its business volume as well as its profitability.

Maintaining an average growth rate of 20% over the last 7 years, well above the 10% posted by the sector, Atlantic has achieved a new expansion record during the year 2002 .Indeed the premiums for the year 2002 attained Ј6.3 m compared to Ј5.2 m during 2001, an increase of 12%. Profit from operations for the same period was Ј716.172 wheareas profit after revaluation of investments and before tax Ј199.861.

Atlantic Management Policy

Establishing and maintaining the best possible relations with its clients has been, from the outset, one of the primary objectives of the management of the company. Following a deliberate policy of limiting the conducting of business through agents to the minimum, Atlantic enjoys today the unique privilege of posting an 75% direct sales to customers. The profitability of the company is thus reinforced, while at the same time, the establishment of direct contacts and relationships between the company and its clients are greatly facilitated.

More important was the effort of the company to build this relationship on the solid foundations of trust and confidence. This policy proved to be beneficial both for the company and its clients, who over the years have demonstrated an unparalleled loyalty to Atlantic. The fact that, most new clients are introduced by personal recommendations of fully satisfied long term clients, is solid evidence of how well founded the philosophy of the company has been.

Future prospects

In October 2000 Atlantic Insurance Co. Ltd was listed in the Cyprus Stock Exchange. This has given a new impetus to the development program of the company. The money raised from the shares offered to the public will allow the company to fulfill its ambitious plans for growth through the acquisition of portfolios, introduction of new products and by entering new spheres of business activity.

Through Atlantic Financial Services, its newly established subsidiary, Atlantic aims at a direct participation in the stockbrokerage sector. This subsidiary is completing all necessary arrangements that will enable it to enter the mutual funds market as soon as the necessary legislation is adopted.

The synergies of the insurance and financial sectors, as well as the relationship of trust and friendship that exists between Atlantic and its clients, are the cornerstones,on which Atlantic can build its future business activities.

The accelerating growth achieved by Atlantic since its establishment, its economic strength, excellent reputation and the trust of its clients, guarantee a very promising future.

KKAM Estate Agents

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